Iowa Admin. Code r. 491-6.21 - Corporations owning racing animals

Current through Register Vol. 44, No. 20, April 6, 2022

(1) All corporations must be duly licensed by the commission on forms furnished by the commission, and in accordance with the requirements of 491-6.17 (99D). In addition, any stockholder owning a beneficial interest of 5 percent or more of the corporation must be licensed as an owner The corporation must submit a complete list of stockholders owning a beneficial interest of 5 percent or more.
(2) The corporation stockholders owning less than 5 percent of the stock of a corporation need not be licensed; however, the commission may request a list of these stockholders. The list shall include names, percentages owned, addresses, social security numbers, and dates of birth. These stockholders shall not have access to the backstretch, to the paddock area, or to the winner's circle other than as guests of a facility, commission representatives, or designated licensees and may be required to submit additional information as requested by the commission representative, which may include a release for confidential information and submission of fingerprint cards; and the commission may assess costs, as required, for criminal history checks. This information shall be supplied to the commission representative within 30 days of the date of the request.
(3) Any and all changes in either the corporation structure or the respective interest of stockholders as described above must be notarized and promptly filed with the commission representatives.
(4) The corporate name under which the corporation does business in Iowa shall be considered a kennel/stable name for purposes of these rules. It shall not be necessary for the corporation to obtain a kennel/stable name license.
(5) A corporation, in lieu of an executive officer, may appoint a racing manager or an authorized agent for the purposes of entry, scratches and the signing of claim slips, among other obligations.
(6) The commission representative may deny, suspend, or revoke the license of a corporation for which a beneficial interest includes or involves any person or entity that is ineligible (through character, moral fitness or any other criteria employed by the commission) to be licensed as an owner or to participate in racing, regardless of the percentage of ownership interest involved.
(7) Any stockholder holding a beneficial interest of 5 percent or more of a corporation must, in addition to being licensed, list any interest owned in all racing animals in which any beneficial interest is owned.
(8) The corporation must pay a prescribed fee to the commission.

Notes

Iowa Admin. Code r. 491-6.21
ARC 7658B, lAB 3/25/09, effective 3/23/09

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